Title: AN ACT TO AMEND SECTION 57-10-511, MISSISSIPPI CODE OF 1972, TO INCREASE THE PERCENTAGE OF LOSSES IN GRANT FUNDS THAT A PLANNING AND DEVELOPMENT DISTRICT OR QUALIFIED ENTITY MUST EXPERIENCE UNDER THE MISSISSIPPI SMALL BUSINESS ASSISTANCE ACT BEFORE IT IS REQUIRED TO REPAY THE AMOUNT OF SUCH LOSSES; TO PROVIDE THAT IF THE MISSISSIPPI DEVELOPMENT AUTHORITY (MDA) FINDS THAT A PLANNING AND DEVELOPMENT DISTRICT OR A QUALIFIED ENTITY ADMINISTERING A REVOLVING LOAN PROGRAM UNDER THE MISSISSIPPI SMALL BUSINESS ASSISTANCE ACT IS NOT ACTIVELY ENGAGED IN LENDING, SUCH DISTRICT OR ENTITY MAY BE FOUND TO BE IN DEFAULT AND BE REQUIRED TO CEASE PROVIDING ASSISTANCE, REFUND ALL FUNDS HELD IN ITS REVOLVING ASSISTANCE FUND AND, IF REQUIRED BY MDA, CONVEY TO MDA ALL ADMINISTRATIVE AND MANAGEMENT CONTROL OF ASSISTANCE UNDER THE PROGRAM; TO PROVIDE THAT IF FEDERAL FUNDS ARE NOT AVAILABLE FOR COMMITMENTS MADE BY A PLANNING AND DEVELOPMENT DISTRICT TO PROVIDE ASSISTANCE UNDER ANY FEDERAL LOAN PROGRAM ADMINISTERED BY THE PLANNING AND DEVELOPMENT DISTRICT IN COORDINATION WITH THE APPALACHIAN REGIONAL COMMISSION OR ECONOMIC DEVELOPMENT ADMINISTRATION, OR BOTH, A PLANNING AND DEVELOPMENT DISTRICT MAY USE UNCOMMITTED FUNDS IN ITS SMALL BUSINESS ASSISTANCE REVOLVING ASSISTANCE FUND FOR THE PURPOSE OF PROVIDING TEMPORARY FUNDING FOR SUCH COMMITMENTS; TO PROVIDE THAT IF A PLANNING AND DEVELOPMENT DISTRICT USES UNCOMMITTED FUNDS IN ITS REVOLVING ASSISTANCE FUND TO PROVIDE SUCH TEMPORARY FUNDING, THE DISTRICT SHALL USE FUNDS REPAID TO THE DISTRICT UNDER THE TEMPORARILY FUNDED FEDERAL LOAN PROGRAM TO REPLENISH THE FUNDS USED TO PROVIDE THE TEMPORARY FUNDING; TO LIMIT THE NUMBER OF TIMES A PLANNING AND DEVELOPMENT DISTRICT MAY USE UNCOMMITTED FUNDS IN ITS REVOLVING ASSISTANCE FUND TO PROVIDE SUCH TEMPORARY FUNDING AND THE AMOUNT OF SUCH FUNDS THAT MAY BE USED FOR SUCH PURPOSES DURING A CALENDAR YEAR; TO AMEND SECTION 57-10-505, MISSISSIPPI CODE OF 1972, TO REFLECT THE CHANGE OF THE NAME OF THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; AND FOR RELATED PURPOSES.

Information pertaining to this measure was last updated on 04/17/01 at 00:01.